Earlier we shoed you the main features the budget that was presented today in Belmopan. It was done at a special sitting of the House. Special sittings are usually single purpose affairs but there was a good deal of other business that came up, most notably those amendments to laws governing the banking sector. We first reported on it last week when you heard PUP Deputy Leader Mark Espat describe them as a sinister backdoor attempt for government to get its hands on depositor savings. And then you heard the Governor of the Central Bank say that it was no such thing; it was simply a new instrument of monetary control which would allow the Central Bank as regulator to free up funds in the commercial banking system which could spurt lower lending rates. Well today it went to the House and it created major fireworks. Here’s how it went.

Hon. Johnny Briceno, PUP Leader“What they are doing with these changes is that the Prime Minister is saying now that by allowing the banks to use some of their liquid assets that are sterilized in the banks, they could make some extra money by getting 6.5% interest and then he adds by saying that by doing that the banks will be able to reduce their interest rates they charge their customers. Well we know that is certainly not going to happen. Mr. Speaker when you start to force banks to hold government securities, especially if the banks are concerned about the government’s ability to pay, it continues to further erode confidence.”Rt. Hon. Said Musa, Fort George Area Rep.“No matter what is said, the truth of the matter is when you strip away all the technical jargons in all these amendments, whether it be the Central Bank or the Treasury Bills or the International Financial Banks, strip it all away and look at exactly at what is happening – it is to afford this UDP government the ability to borrow more from the commercial banks in Belize utilizing the Central Bank through the Treasury notes. They can’t get away from that, that is a simple fact. Why are we increasing the Treasury notes to a 10 year bond? The Barrow Bond for 10 years. It is to give him the ability to use these monies and not being required to pay back for it until 10 years. This is the new Barrow Bond. You cannot get away from that.”Hon. Dean Barrow,“Dealing with the Member from Fort George, Mr. Speaker I say again that I continue to be shocked that he can continue to speak like he’s suddenly regained a voice. But you know I just want to say this Mr. Speaker, I was reading a book by an Afghan writer and there was a phrase in the book which I supposed must be Afghan, it is apparently a traditional saying. You know what it is: a stubborn jackass needs a stubborn driver. Well you are the stubborn jackass and I will be your stubborn driver every time, every time. Every time you get up to persist in your outrages against the Belizean people I will be here to flog you and chastise you…I won’t stop until I hang a…”Emil Arguelles, Speaker of the House“Hon. Prime Minister.”Rt. Hon. Said Musa,“You’re a disgrace to this nation for a Prime Minister to be speaking like that. Utter disgrace.”Hon. Dean Barrow,“I won’t finish until I hang the bell around your neck as in the days of what they used to do lepers because that is what you are, a moral leper in this country and everybody should be alerted as to when you are passing or when you are speaking so they can avert their nose. That is what I think of you. Can I deal now with the Leader of the Opposition? Am I allowed to continue?”Emil Arguelles,“Do you have a point of order…?”Hon. Dean Barrow,“I am speaking."Hon. Johnny Briceno,“It is unparliamentarily language that the Prime Minister is using in the National Assembly. Fortunately we have the students that have just left because it would have been a shame to have the Prime Minister speaking in such a manner in this Honourable House.”Emil Arguelles,“Members of the gallery I will ask you to remain silent. Hon. Prime Minister please proceed without reference to that word. I acknowledge it is a word in the dictionary.”Hon. Dean Barrow,“Now coming to the Leader of the Opposition, it must be obvious to all on this side of the House and I think the entire nation that you are singing for your supper. It is now a matter of record the connection, the business relationship between you and the owner of one of the banks in this country via the vehicle of Speednet and Smart. So every time you get up on an issue like this which in anyway affects that bank, I will know that you are singing for your supper.”

Despite the testy back and forth, the Bills passed. The Governor of the Central Bank told us he expects to see the effect of the new measures as early as April.

$42 million in taxes – that’s how much more in GST you the consumer will be paying in the upcoming fiscal year. That’s no small change but today most people we encountered hardly even bothered to think about the increase in sales tax and with a hog’s head and a jackass making news, who would? Even the Opposition today sent out a release complaining not about the tax hike but about what they call un-parliamentary language used by the Prime Minister.

The release calls it, “inexcusable, deplorable and un-parliamentary conduct” and “an insult to the Belizean People,” which.....”demeans the highest office in the land....” The PUP has called on House Speaker Emil Arguelles to, “require the Prime Minister, at the next sitting of the House of Representatives, to tender an apology to the Members of the House on the Opposition side and to Belizeans for his disrespectful behaviour.”

At yesterday’s sitting, the Speaker’s only caution to the Prime Minister was to, “please proceed without reference to that word.” He did acknowledge and seemed to acquiesce to the PM’s argument that “it is a word in the dictionary.”